The times. (Owosso, Mich.) 1882-1897, 1887-07-01
AN ECHO OF TIE CORNER.
A BATCH OF BANK PEOPLE IN A TIGHT
PLACE.


The Fidelity National Bank at Cincinnati
Closes It's Doors and Its Managers Look
ing Down the Road that Fish and Ward
Travelled discovery of Bank
Examiner.
CINCINNATI, June % The sequel Of Bank
Examiner Powell's order regarding the Fidel
ity National bank was that OH Tuesday, in
stead of recognizing and continuing bust
ness it did not open its doors, and n meeting
OF the directors was called which lasted from
2 a. IN. until noon. While this was going on.
the news having rapidly spread, the street
was lined with anxious depositors, who were
in anything but a comfortable frame Of mind.
At the meeting of the directors MIR. Powell,
the bank examiner, announced that, owing
to impairment of the banks resources, the
government would take charge Of it, and
would appoint a receiver to wind up the bust
nese. 1t is said, unofficiaily, that the alterna-
tive was given of continuing in business by a
reorganization which would leave out Vice
President Harper, Cashier Baldwin, and AS
sistant Cashier Ben L. Hopkins, but that the
directors were unable to agree upon such
plan, or were unwilling to take the risk of
run following the interference of the govern
ment The outcome, however, was the APP
pointment of Mr. John r. DeCamp, vice
president of the Metropolitan National bank
receiver, and he was placed in charge of the
banks affairs.
Various causes have been assigned for the
suspension at this time. Upon excellent
authority it is learned that the examiner was
making the rounds of the local national
banks last week and by accident or prompted
by the rumors and universal uueasiness felt
in relation to the Fidelity, began an examn-
alton of the affairs of that concern last Fri
day evening. Monday night the ,examina-
.tion had reached such point that the exam
iner, for reasons which he discovered in the
transactions of the concern, it is said reflect
ing upon certain bank officials i'm their con-
nection with the great Chicago wheat deal,
made tho demand noted in these dispatches
yesterday. 1t also comes from perfectly
straight channel that the officials of the var
ious banks of the city held a meeting Satur
day evening in which it was resolved that
every bank would lend to the Fidelity just as
long as it could put up good collateral, and it
was understood that they would lend no
longer. Though this matter was kept quiet,
enough of it in connection with other s,is-
picions against the bank, leaked out to cause
u LdfRo nuHiDcr VI utpOSitOTS to WltuuruW
their funds from the bank Monday. 1t is
said that had not the government officials
stepped in the suspension would have re-
suited from run upon the institution in Il
day or two.
Briggs Swift, the president publicly states
that no depositor in the bank will lose a cent,
from which the inference is to be drawn that
the bank securities are equal to all demands
,inou IL vvbap conyartad into cash
Tuesday afternoon United States Marshal
Urner arrested f. l.. Harper, vice president
Of the Fidelity bank; Ammi Baldwin, cashier,
and b. j. Hopkins, assistant cashier of the
same bank, under section 1929, revised stat
utes. The warrants were sworn out by Bank
Examiner Eugene Powell Harper is charged
with having issued without authority of the
directors of the bank certain certificates
of deposit amounting to 500, 900;
Baldwin with signing check upon the
Chemical National bank for $50,000 with
ont authority OF the directors, and Hopkins
with having issued certificates to the amount
of $500, 600. They waived examination and
We're bound over to the United States grand
jury Harper gave bond for S75, 900. Bald
win and Hopkins gave $4,000 each. The
waving examination is regarded as virtual
aclsnowled lent of their guilt.
The arrests made under the same section of
the United States laws under which Fish and
Ward, of the defunct New York Marine
bank, were sent to Sing Sing.
Suit in attachment has been brought
against the Fidelity by the Union National
bank Of Cleveland to recover S67, 13l. IA for
moneys paid to and for the Use of the defend
ants. IL was charged that the debt was
fraudulcntly and criminally contracted
Harper made an assignment of his prop
erty, estimated at $1,000 900, for the benefit
of his creditors. Neither his personal labili-
ties nor those of the bank can be accurately
stated as yet. The closing of the bank and
tho arrest of the officers have produced "A pro-
found sensation at Cincinnati. 1t is rumorei
that the city had 5000, 900 on deposit in the
bank when it closed its doors. The amount
lost by President Harper in the wheat deal
is put at 50, 100000 by those in a position to
know the facts.